Federated Hermes Inc. Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Federated Hermes Inc. increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 24.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 215,570 shares of the software maker’s stock after purchasing an additional 42,807 shares during the quarter. Federated Hermes Inc.’s holdings in Cadence Design Systems were worth $58,715,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. State Street Corp grew its position in shares of Cadence Design Systems by 3.1% during the first quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock worth $2,396,402,000 after purchasing an additional 344,518 shares in the last quarter. Jennison Associates LLC boosted its stake in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after buying an additional 564,085 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cadence Design Systems by 1.7% during the first quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock valued at $1,297,925,000 after buying an additional 103,213 shares during the last quarter. Norges Bank bought a new position in Cadence Design Systems during the fourth quarter valued at approximately $770,945,000. Finally, Northern Trust Corp boosted its stake in Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after buying an additional 158,031 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CDNS. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday. Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and increased their price target for the company from $265.00 to $280.00 in a research note on Tuesday, February 13th. Robert W. Baird increased their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Stifel Nicolaus increased their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $318.10.

Insider Buying and Selling

In related news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. In the last three months, insiders sold 177,544 shares of company stock valued at $53,581,207. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $280.25 on Friday. The firm has a market capitalization of $76.30 billion, a price-to-earnings ratio of 73.36, a PEG ratio of 3.47 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The business has a 50 day simple moving average of $305.52 and a 200-day simple moving average of $279.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the company earned $0.75 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.